The team also exercised the third-year options on guard Dion Waiters and forward Tyler Zeller on Wednesday. All of the moves were expected and came one week before Cleveland opens the 2013-14 season at home against Brooklyn.

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The options on Irving and Thompson are for the 2014-15 season. The Cavs can offer both players contract extensions starting next summer. Irving will make about $7.5 million next season and Thompson about $5.4 million.

Irving made the All-Star team in his second season, when he averaged 22.5 points and 5.9 assists in 59 games. The Cavs are counting on him to become more of a leader this season and lead the club back to the playoffs for the first time since 2010.